Dogecoin, Shiba Inu Surge to Multi-Week Highs After Holiday Consolidaion

• Dogecoin (DOGE) and Shiba Inu (SHIB) surged to multi-week highs on Thursday.
• DOGE/USD climbed to an intraday peak of $0.07503 and SHIB/USD reached a peak of $0.000008531.
• The move came after a period of consolidation following the holiday season, with both coins breaking out of key resistance zones.

On Thursday, Dogecoin (DOGE) and Shiba Inu (SHIB) surged to multi-week highs, with both tokens experiencing a period of intense price action. After several days of consolidation following the holiday season, Dogecoin (DOGE) and Shiba Inu (SHIB) both rose for a second consecutive session, with the coins breaking out of key resistance zones.

Dogecoin (DOGE) moved away from a recent spell of consolidation, with the coin climbing to an intraday peak of $0.07503 earlier today. This took the token to its highest point since December 27, when price was in the midst of a prolonged sell-off. The move also saw Dogecoin’s 14-day relative strength index (RSI) break out of a key resistance zone, with the index currently tracking at 42.81, slightly above a ceiling of 42.00.

Shiba Inu (SHIB) also saw a notable gain on Thursday, with SHIB/USD surging to a peak of $0.000008531 earlier today. This was the coin’s strongest point since December 18, prior to the holiday season consolidation. SHIB/USD also broke out of a point of resistance at $0.00000850, with the RSI following suit, surging past its own ceiling at the 50.00 level, and is currently tracking at 51.63.

The gains come ahead of Friday’s U.S. nonfarm payrolls numbers, with traders finally returning from recent Christmas and New Year’s celebrations. Despite the signs of strength, both coins remain well-off their all-time highs, with Dogecoin currently down over 80% from its April peak of $0.45, and Shiba Inu off over 95% from its early May high of $0.00005279.

Overall, Thursday saw Dogecoin (DOGE) and Shiba Inu (SHIB) surge to multi-week highs, with both coins breaking out of key resistance zones following a period of consolidation. The gains come amid a return of traders from their Christmas and New Year’s celebrations, with traders keeping a close eye on tomorrow’s U.S. nonfarm payrolls numbers.